Crosby Health is building a clinical LLM to automate insurance appeals. Here’s an exclusive look at the pitch deck the AI startup used to raise $2.2 million.

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Healthcare providers spend more than $20 billion every year appealing denied insurance claims, according to a study from healthcare conglomerate Premier — but one startup is betting big that AI can reduce costs and make the appeals process easier.

Crosby Health, an AI startup building a clinical, large language model to help healthcare providers track insurance appeals, recently announced it raised $2.2 million in seed funding led by Amplo Ventures. NOMO Ventures and additional angel investors also participated in the round.

Founded in 2022, New York-based Crosby Health builds financial software for healthcare providers, focusing on managing insurance claims. And it uses AI to automate and track the appeals process to reduce the number of claims insurance providers deny.

Crosby Health’s main focus is building out Apollo, its newly launched proprietary large language model specializing in medical reasoning. The LLM — which scored 91.8% on medical license board exam questions, the company said — automates the entire clinical appeals process, from generating an initial appeal to tracking its results.

Rishi Gowda, Crosby Health’s CEO and cofounder, told Business Insider that having a top-performing LLM wasn’t enough. Instead, it has been crucial to build technology that doctors would actually use.

“It’s more important for us to focus on the practical use cases while integrating seamlessly into the day-to-day workflows,” he said. “There are so many point solutions popping up in healthcare, and we want our customers to be able to have a unified platform for the multiple jobs to be done around the revenue cycle.”

To that point, Apollo, in addition to managing medical claims, can also handle administrative tasks such as AI-assisted medical coding and chart reviews.

From reducing wait times to retrieving data to providing personalized medicine, AI has become crucial to the healthcare industry — and there are plenty of startups looking to capitalize on the shift.

In the insurance space specifically, startups like Yuzu Health, which offers AI-powered healthcare plans for startups, and Fijoya, which uses AI to match workers with employer-sponsored health benefits, have both recently raised millions of dollars in funding.

Crosby Health, however, is unique in building its own LLM, while many startups instead choose to build on top of existing models made by companies such as Google and OpenAI.

Here’s the 8-slide pitch deck Crosby Health used to raise its seed round:

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